Verint Systems (NASDAQ:VRNT) Could Easily Take On More Debt
Verint Systems (NASDAQ:VRNT) Could Easily Take On More Debt
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. We note that Verint Systems Inc. (NASDAQ:VRNT) does have debt on its balance sheet. But is this debt a concern to shareholders?
由巴菲特旗下的查理·芒格支持的外部基金經理李錄直言不諱地表示,「最大投資風險不是價格的波動,而是你是否會遭受資本的永久損失。」當我們考慮一家公司的風險時,我們總是喜歡查看其債務的使用情況,因爲債務過重可能導致破產。我們注意到,Verint系統公司(納斯達克:VRNT)確實在其資產負債表上有債務。但這對股東來說是個問題嗎?
What Risk Does Debt Bring?
債務帶來了什麼風險?
Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. However, a more usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first step when considering a company's debt levels is to consider its cash and debt together.
債務是幫助企業成長的工具,但如果企業無法償還其貸款方,那麼它就處於他們的控制之中。在最壞的情況下,如果公司無法償還其債權人,它可能會破產。然而,更常見(但仍然昂貴)的情況是,公司必須以低廉的股價稀釋股東,僅僅爲了控制債務。儘管如此,最常見的情況是公司能夠合理管理其債務,併爲自己謀取利益。在考慮公司的債務水平時,第一步是將其現金和債務結合起來進行考慮。
What Is Verint Systems's Debt?
Verint系統的債務是什麼?
The chart below, which you can click on for greater detail, shows that Verint Systems had US$412.2m in debt in October 2024; about the same as the year before. On the flip side, it has US$183.6m in cash leading to net debt of about US$228.6m.
下圖可以點擊以獲得更詳細的信息,顯示Verint系統在2024年10月的債務爲41220萬美元;與前一年差不多。另一方面,它擁有18360萬美元的現金,導致淨債務約爲22860萬美元。
How Healthy Is Verint Systems' Balance Sheet?
Verint系統的資產負債表健康嗎?
Zooming in on the latest balance sheet data, we can see that Verint Systems had liabilities of US$387.0m due within 12 months and liabilities of US$543.2m due beyond that. Offsetting these obligations, it had cash of US$183.6m as well as receivables valued at US$246.9m due within 12 months. So its liabilities total US$499.6m more than the combination of its cash and short-term receivables.
通過查看最新的資產負債表數據,我們可以看到Verint系統在12個月內有38700萬美元的負債,以及超過該期限的54320萬美元的負債。抵消這些義務後,它有18360萬美元的現金和價值24690萬美元的應收賬款在12個月內到期。因此,它的負債比其現金和短期應收賬款的總和多出49960萬美元。
Verint Systems has a market capitalization of US$1.57b, so it could very likely raise cash to ameliorate its balance sheet, if the need arose. But we definitely want to keep our eyes open to indications that its debt is bringing too much risk.
Verint系統的市值爲15.7億美元,因此如果需要的話,它很可能會籌集資金來改善其資產負債表。但是我們肯定要保持警惕,以防其債務帶來過多的風險。
We measure a company's debt load relative to its earnings power by looking at its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and by calculating how easily its earnings before interest and tax (EBIT) cover its interest expense (interest cover). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
我們通過看淨債務與息稅折舊及攤銷前利潤(EBITDA)的比率,以及計算其息稅前利潤(EBIT)如何輕鬆地覆蓋利息費用(利息覆蓋)來衡量一家公司相對於其獲利能力的債務負擔。這樣,我們既考慮了債務的絕對量,也考慮了其支付的利率。
Verint Systems's net debt to EBITDA ratio of about 1.6 suggests only moderate use of debt. And its strong interest cover of 32.6 times, makes us even more comfortable. In addition to that, we're happy to report that Verint Systems has boosted its EBIT by 81%, thus reducing the spectre of future debt repayments. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if Verint Systems can strengthen its balance sheet over time. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
Verint系統的淨債務與EBITDA的比率約爲1.6,這表明其債務使用僅爲適度。其強勁的利息覆蓋率爲32.6倍,讓我們更感安心。此外,我們很高興地報告,Verint系統的EBIT提升了81%,從而減少了未來債務償還的潛在壓力。毫無疑問,我們從資產負債表中學到的關於債務的知識最多。但最終,業務的未來盈利能力將決定Verint系統是否能隨着時間的推移強化其資產負債表。因此,如果你想看看專業人士的看法,你可能會發現這份關於分析師盈利預測的免費報告很有趣。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. Happily for any shareholders, Verint Systems actually produced more free cash flow than EBIT over the last three years. There's nothing better than incoming cash when it comes to staying in your lenders' good graces.
但我們最後的考慮同樣重要,因爲公司不能用紙面利潤償還債務;它需要真實的現金。因此,邏輯步驟是查看該EBIT的比例與實際自由現金流的匹配情況。對於任何股東來說,令人高興的是,Verint系統在過去三年實際產生的自由現金流超過了EBIT。在與貸方保持良好關係時,進賬現金是沒有比這更好的了。
Our View
我們的觀點
Happily, Verint Systems's impressive interest cover implies it has the upper hand on its debt. And the good news does not stop there, as its conversion of EBIT to free cash flow also supports that impression! Zooming out, Verint Systems seems to use debt quite reasonably; and that gets the nod from us. After all, sensible leverage can boost returns on equity. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. These risks can be hard to spot. Every company has them, and we've spotted 1 warning sign for Verint Systems you should know about.
令人欣慰的是,Verint系統的債務利息覆蓋率令人印象深刻,這意味着它在債務方面佔據優勢。而好消息並不僅止於此,它的息稅前利潤轉換爲自由現金流的能力也支持了這種印象!放眼望去,Verint系統似乎合理地使用了債務;這一點我們表示贊同。畢竟,合理的槓桿可以提升股本回報。在分析債務時,資產負債表顯然是重點關注的領域。但最終,每家公司都可能存在資產負債表之外的風險。這些風險可能難以察覺。每家公司都有這些風險,而我們發現了一個你應該知道的Verint系統的警示信號。
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
無論最終結果如何,有時候更容易關注那些根本不需要債務的公司。讀者可以立即免費獲取一份淨債務爲零的成長股列表。
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